The German economy is gradually losing momentum. Car sales are recovering, but damage of the third quarter of 2018 has not been repaired yet. Declining IFO indices also point at lower growth, but not a recession.

Like the rest of the eurozone, the Dutch economy will grow faster in 2015 than it did in the year just past. But growth will remain low, and unemployment high. Low inflation puts the ECB under increasing pressure to start large scale quantitative easing.

In the Outlook publication, Rabobank presents her yearly economic predictions for the coming year. The macroeconomic ‘Outlook 2015’ is published alongside the Thematic booklet ‘Prosperity in the new economic reality’.